Epicentre Singapore suffers epic loss

Singapore Apple reseller Epicentre Holdings has posted a S$7.1 million loss for the last year after all but cutting ties with the tech giant.

Epicentre announced in June it would sell its four stores and e-commerce site to a rival reseller, after the opening of the Apple-owned flagship store on Orchard Road decimated its sales, with a second flagship already under construction in the city. At the time it said it would retain its Apple retailing business in Malaysia, however since then the company has apparently lost its official Apple reseller status, leading to an $11 million decline in revenue from continuing operations in that market.

The company received just $516,275 for the Singapore Apple reseller business from Elush, parent of the rival iStudio chain, but Elush took over store lease liabilities.

Epicentre says it will refocus the business on Japan IPL Holdings, a hair removal and skin rejuvenation salon in which the company bought a 51 per cent stake in June last year. That business was profitable contributing $3.6 million in revenue and $3.4 million in gross profit for the year. It is also planning to acquire a property development and hotel management business, allowing it to diversify away from retail into potentially more lucrative businesses.

Epicentre was founded in 2002 and at one point operated 10 outlets in Singapore, Malaysia and China.